Business
CSE trading halts twice amid unfolding economic and political crises
By Hiran H.Senewiratne
CSE trading halted twice yesterday after an index of sensitive stock dropped 7.88 per cent as an unfolding political crisis added to an economic crisis, stock market analysts said.
The Standard and Poor’s SL 20 Index fell 7.88 per cent and the All-Share Index fell 4.65 per cent. The move also came as the Central Bank Governor Ajith Nivard Cabraal tendered his resignation letter.
Education Minister Dinesh Gunewardena said Sunday night that the Cabinet of ministers had given their resignation letters to Prime Minister Mahinda Rajapaksa, which created a further deterioration of the situation because the Cabinet should hand over their letters of resignation to the President, stock analysts said.
Appointing former Justice Minister Ali Sabry as the new Finance Minister would not give any sustainable solution without a proper economic plan, analysts added.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 226 points and S and P SL20 declined by 41.9 points. Turnover stood at Rs 1.9 billion sans a single crossing. In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 899 million (5.6 million shares traded), LOLC Holdings Rs 152.9 million (367,000 shares traded), Browns Investments Rs 146 million (22.8 million shares traded), Hayleys Rs 89.9 million (1.2 million shares traded), Royal Ceramic Rs 47.5 million (1.4 million shares traded), LOLC Finance Rs 45.1 million (4.5 million shares traded) and DFCC Rs 26.7 million (534,000 shares traded). During the day 98.3 million share volumes changed hands in 18000 transactions.
Given the short-term uncertainty prevailing in the capital markets as well as the power outages expected to continue during the month of April, the Board of CL Synergy has decided to postpone its Initial Public Offering (IPO) which was scheduled to open on April 7.
The new dates will be notified once the short-term uncertainties prevailing in the market subside, CL Synergy said in a statement.
The US dollar rate was quoted at Rs 297.95, which was the free- float rate decided by the Central Bank. In the kerb market, the US dollar fetched at Rs 350 to Rs 400.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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